NAKAMURAYA CO., LTD.
2204・Standard Market・Foods
Business
Nakamuraya Co., Ltd. is a long-established food manufacturer founded in 1901, listed on the Standard Market of the Tokyo Stock Exchange. In its core confectionery business (approximately 70% of net sales), the company manufactures and sells Japanese and Western confectionery as well as Chinese-style steamed buns (chuka-man), with convenience stores and mass retailers as its primary sales channels. In the food business, the company manufactures and sells retort pouch foods for both retail and commercial use, and operates a directly managed restaurant at the Shinjuku Nakamuraya main store. The real estate leasing business secures stable income through the Shinjuku Nakamuraya Building and leasehold arrangements. Sales to Seven-Eleven Japan account for 38.4% of net sales, with chuka-man for convenience stores forming the foundation of the business.
Business Model
The core business is manufacturing and wholesaling of confectionery and food products made at in-house factories, sold through convenience stores (with a 38.4% sales ratio to Seven-Eleven), mass merchandisers, and commercial-use channels. Directly-operated restaurants serve a brand-communication function. The real estate leasing business (full occupancy at the Shinjuku Nakamuraya Building, fixed-term land lease rents) supplements stable earnings, supporting the overall company operating margin. The company invests ¥738 million in R&D expenses to maintain product development capabilities centered on fermentation and dough-wrapping (anpan-filling) technologies.
Company Strengths
Possesses manufacturing know-how for Chinese steamed buns centered on fermentation and filling-wrapping technology, with sales to Seven-Eleven Japan accounting for 38.4% of net sales (¥14,326 million). The company has established a development and mass-production system for microwave-compatible individually packaged products, and continues to implement product strength and promotional measures aimed at strengthening year-round sales.
By maintaining full occupancy at the Shinjuku Nakamuraya Building, utilizing a general fixed-term land lease (August 2023 to December 2098) on the former Tokyo business site (Sasazuka, Shibuya-ku, 8,156 sqm), and a business-purpose fixed-term land lease on the Musashi Plant site, the company secures stable earnings of ¥913 million in net sales and ¥428 million in operating profit from its real estate leasing business.
Building on filling-paste making, fermentation, and cooking technologies accumulated over more than 100 years of history, the company continuously launches new products in both the confectionery and food businesses. It invested ¥738 million in research and development, achieving market launches such as the "Ippin Dorayaki" and "THE Noukou" series. Restaurant cooking technology has also been repurposed for collaborative menu items for cafe chains and for the development of private-brand products for commercial use.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥37,770 million in FY2024 (ending March 2024), declined slightly thereafter, and remained flat at ¥37,351 million in FY2026 (ending March 2026). Meanwhile, operating profit has continued a sharp recovery, moving from losses in FY2022 (ending March 2022) and FY2023 (ending March 2023) to ¥830 million in FY2024 (ending March 2024), ¥1,070 million in FY2025 (ending March 2025), and ¥1,324 million in FY2026 (ending March 2026). The main drivers were reductions in cost of sales (manufacturing cost cuts and product line narrowing) and containment of SG&A expenses. Amid the external environment of persistently high raw material prices, the company has absorbed the impact through price and specification revisions and leveling of factory utilization rates. Net income rose to ¥918 million (up 3.7% year on year), though a special loss of ¥405 million from valuation losses on shares of affiliated companies weighed on the overall profit level.
Growth Strategy
Strengthening the earnings base through four pillars: establishing Chinese steamed buns as a year-round staple, expanding sales of daily confectionery, developing food service (ready-to-eat) channels, and utilizing real estate assets.
Promoting the convenience of microwave-ready individual packaging in both mass retailers and convenience stores to reduce dependence on seasonal demand. Driving brand awareness through the launch of seasonal limited-edition products such as "Spicy Pork Bun" in spring/summer and "Rich Cheese Pork Bun" in autumn/winter, along with in-store microwave sampling promotions. For convenience stores, also expanding into character collaborations and new categories (cheese bagels).
The renewal of the dorayaki lineup ("Ippin Dorayaki") generated buzz through media exposure, contributing to increased sales. Leveraging its bean paste manufacturing technology, the company is strengthening its next-generation core product lineup, including "Ogura Tsubuan Monaka," "Yaki Karinto Manju," "Anko Pie," and "Milk Man." New products such as "Tsuki no Ka Kuri" have also been launched to address growing demand for casual gifts.
The launch of new private-brand retort curry products for specialty retail chains significantly contributed to increased sales in the Food Business in FY2026 (ending March 2026) (up 7.6% year on year, with operating profit up 42.1%). The company continues to advance curry product development for convenience stores and collaborative menu development for café chains. In retail food products, it aims to acquire new users through new products such as "Shef ga Shitateta," "THE Noko," and "Karako Jizai Mabo Tofu."
Utilization of leasehold rights on the former Tokyo business site and Musashi plant site has accumulated long-term deferred income of ¥9,694 million, securing a stable cash flow base. Land increased by ¥1,438 million year on year at the end of FY2026 (ending March 2026), and the company continues to pursue the policy of maximizing utilization of its held land assets under the medium-term management plan "Nakamuraya Vision 2027."
Continuing pop-up store openings for the caramel dessert specialty shop "CARAMEL MONDAY" at terminal stations and commercial facilities to capture souvenir demand and enhance brand recognition. Newly launched the sister brand "CARAMEL MONDAY no Asa" for mass retailers, aiming to expand the new customer base by capturing everyday-use demand.
Last updated: July 19, 2026

